Cardinal Industries Files For Bankruptcy

C The region's real estate and construction slump has claimed another business, with Cardinal Industries Inc. of South Windsor filing for bankruptcy liquidation.

Cardinal -- a distributor of building materials and millwork to the construction industry -- filed a petition to liquidate its business in U.S. Bankruptcy Court in Hartford.

In its bankruptcy petition, the company lists assets of $5.8 million and debts of $18.5 million. The company estimated that it has more than 100 creditors, but did not offer a breakdown or a list of its largest creditors.

Robert C. DuBeau, president of Cardinal, did not return telephone calls for comment.

But Robert White, Cardinal's attorney, said the company in recent months has sold off most of its divisions in an effort to raise cash and preserve the operations and the jobs of the divisions. He said Cardinal now has no operations and exists as a legal shell only so that it can repay some of its debts.

One Cardinal division, Cardinal Supply Co. of South Windsor, was forced into bankruptcy court in June by three creditors who said the company owed them about $150,000. White said Cardinal Supply has converted that involuntary filing to a voluntary Chapter 7 bankruptcy petition, meaning that it also is liquidating its business to repay debts.